31 December 2020
TRUSPINE TECHNOLOGIES PLC
("TruSpine", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2020
CHIEF EXECUTIVE'S REPORT
I am pleased to report the interim accounts to 30 September 2020 for TruSpine Technologies plc. It should be noted that, although these accounts represent a six-month period, the 6-month period to 30 September 2020 ended approximately five weeks after the Company's IPO on the Aquis Stock Exchange Growth Market. Therefore, there is little to report for the period that was not already included in detail in the Company's Admission Document.
The Company is still in its pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2020 was £448k (2019: £122k) after administrative expenses of £443k (2019: £120k). Development spend for the six months to 30 September 2020 was £277k (2019: £54k).
Consolidated net assets as at 30 September 2020 amounted to £2.425 million (2019: £1.165 million) including cash and cash equivalents of £567,000 (2019: £47,000).
The IPO has provided the Company with a stronger corporate platform upon which to build its future, and also attracted attention from supporters and potential trade partners, the Company's technology continues to generate positive feedback and excitement from medical professionals within the spine industry. The Board therefore looks to the future with confidence, and believe that 2021 will see patients directly benefiting from the Company's technology.
On behalf of the Board, I would once again like to thank shareholders for their support, and TruSpine's staff and commercial partners for their continued dedication and hard work, during what has undoubtedly been a challenging time for us all.
Ian Roberts
Chief Executive
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
The Directors of the Company take responsibility for this announcement.
Enquiries:
| TruSpine Technologies Plc |
Tel: +44 (0)20 3638 5025 |
||
| Ian Roberts, CEO |
|
||
|
|
|
||
| Cairn Financial Advisers LLP (AQSE Corporate Adviser) |
Tel: +44 (0)20 7213 0880 |
||
| Liam Murray / Ludovico Lazzaretti |
|
||
|
|
|
||
| WH Ireland (Broker) |
Tel: +44 (0)20 7220 1666 |
||
| Adam Pollock |
|
||
|
|
|
||
| Walbrook PR (Financial PR & IR) |
Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 |
||
| Anna Dunphy |
|||
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
GROUP STATEMENT OF COMPREHENSIVE INCOME
|
|
|
6 month period ended 30 September 2020 (Unaudited) |
6 month period ended 30 September 2019 (Audited) |
Year ended 29 March 2020 (Audited) |
|
|
|
|
|
|
|
|
Note |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
| Administrative expenses |
|
(443,458) |
(120,187) |
(340,373) |
|
|
|
|
|
|
| Operating loss |
|
(443,458) |
(120,187) |
(340,373) |
| Finance expense |
|
(4,516) |
(1,995) |
(3,224) |
|
|
|
|
|
|
| Loss before tax |
|
(447,974) |
(122,182) |
(343,957) |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax credit |
|
24,826 |
162,191 |
162,191 |
|
|
|
|
|
|
| (Loss)/Profit |
|
(423,148) |
40,009 |
(181,766) |
|
|
|
|
|
|
| Loss attributable to: |
|
|
|
|
|
|
|
|
|
|
| Owners of the parent |
|
(423,148) |
40,009 |
(181,766) |
|
|
|
|
|
|
| Other comprehensive income: |
|
|
|
|
| Items that will or may be reclassified to profit or loss: |
|
|
|
|
| Exchange translation differences on foreign operations |
|
1,762 |
(8,668) |
(2,565) |
| Total comprehensive loss |
|
(421,299) |
(31,341) |
(2,565) |
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive loss attributable to equity shareholders |
|
(421,299) |
(31,341) |
(184,331) |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share basic and diluted (pence) |
5 |
(0.50)p |
0.05p |
(0.24)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
|
|
|
30 September 2020 (Unaudited) |
30 September 2019 (Audited) |
29 March 2020 (Audited) |
|
|
Note |
£ |
£ |
£ |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
| Tangible fixed assets |
|
21,154 |
- |
- |
| Intangible assets |
|
1,891,801 |
1,443,298 |
1,614,696 |
|
|
|
1,912,955 |
1,443,298 |
1,614,696 |
|
|
|
|
|
|
| Current assets |
|
|
|
|
| Trade and other receivables |
|
444,080 |
104,524 |
160,889 |
| Cash and cash equivalents |
|
566,648 |
47,439 |
135,035 |
|
|
|
1,010,728 |
151,963 |
295,924 |
|
|
|
|
|
|
| Total assets |
|
2,923,683 |
1,595,261 |
1,910,620 |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Trade and other payables |
|
448,915 |
430,105 |
216,925 |
| Borrowings |
|
50,000 |
- |
- |
|
|
|
498,915 |
430,105 |
216,925 |
|
|
|
|
|
|
| Total liabilities |
|
498,915 |
430,105 |
216,925 |
|
|
|
|
|
|
| Net Assets |
|
2,424,768 |
1,165,156 |
1,693,695 |
|
|
|
|
|
|
| Equity attributable to owners of the parent |
|
|
|
|
| Share capital |
6 |
8,778 |
7,607 |
8,385 |
| Share premium |
|
2,632,098 |
2,978,602 |
3,727,035 |
| Other reserves |
6 |
(205,000) |
(200,000) |
(205,000) |
| Translation reserve |
|
(19,844) |
(24,712) |
(18,609) |
| Retained earnings |
|
8,736 |
(1,596,341) |
(1,818,116) |
|
|
|
|
|
|
| Total equity attributable to owners of the parent |
|
2,424,768 |
1,165,156 |
1,693,695 |
|
|
|
|
|
|
| Total Equity |
|
2,424,768 |
1,165,156 |
1,693,695 |
GROUP STATEMENT OF CHANGES IN EQUITY
|
|
Share capital |
Share premium |
Other reserves |
Translation reserve |
Retained earnings |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
| Balance as at 29 March 2019 |
7,580 |
2,920,599 |
(200,000) |
(16,044) |
(1,636,350) |
(1,075,785) |
| Profit for the six months |
- |
- |
- |
- |
40,009 |
40,009 |
| Other comprehensive loss |
- |
- |
- |
(8,668) |
- |
(8,668) |
| Total comprehensive loss for the period |
- |
- |
- |
(8,668) |
40,009 |
31,341 |
| Issue of shares, net of issue costs |
27 |
58,003 |
- |
- |
- |
58,030 |
| Transactions with owners, recognised directly in equity |
27 |
58,003 |
- |
- |
- |
58,030 |
| Balance as at 30 September 2019 |
7,607 |
2,978,602 |
(200,000) |
(24,712) |
(1,596,341) |
1,165,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as at 29 March 2020 |
8,385 |
3,727,035 |
(205,000) |
(18,609) |
(1,818,116) |
1,693,695 |
| Loss for the six months |
- |
- |
- |
- |
(423,148) |
(423,148) |
| Other comprehensive loss |
- |
- |
- |
(1,235) |
- |
(1,235) |
| Total comprehensive loss for the period |
- |
- |
- |
(1,235) |
(423,148) |
(424,383) |
| Issue of shares, net of issue costs |
393 |
1,155,063 |
- |
- |
- |
1,155,456 |
| Reduction in share capital |
|
(2,250,000) |
|
|
2,250,000 |
|
| Transactions with owners, recognised directly in equity |
393 |
(1,094,937) |
- |
- |
2,250,000 |
1,155,456 |
| Balance as at 30 September 2020 |
8,778 |
2,632,098 |
(205,000) |
(19,844) |
8,736 |
2,424,768 |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
6 month period ended 30 September 2020 (Unaudited) |
6 month period ended 30 September 2019 (Audited) |
Year ended 29 March 2020 (Audited) |
|
|
|
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
| Cash flow from operating activities |
|
|
|
|
|
|
|
|
|
|
| Loss before tax |
|
(447,974) |
(122,182) |
(343,957) |
| Depreciation and amortisation |
|
- |
- |
- |
| (Increase)/decrease in other receivables |
|
(283,191) |
51,676 |
(4,689) |
| Increase/(decrease) in other payables |
|
231,990 |
(39,674) |
(252,854) |
| Cash used in operations |
|
(499,175) |
(110,180) |
(601,500) |
| Income tax credit |
|
24,826 |
162,191 |
162,191 |
| Net cash flows from operating activities |
|
(474,349) |
52,011 |
(439,309) |
|
|
|
|
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
|
|
|
|
|
| Purchase of tangible assets |
|
(21,154) |
- |
- |
| Purchase of intangible assets |
|
(277,105) |
(54,041) |
(225,439) |
| Net cash used in investing activities |
|
(298,259) |
(54,041) |
(225,439) |
|
|
|
|
|
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
| Proceeds from Issue of shares, net of issue costs |
|
1,155,456 |
58,030 |
807,241 |
| Acquisition of owner shares |
|
- |
- |
(5,000) |
| Increase in borrowings |
|
50,000 |
- |
- |
| Net cash flow from financing |
|
1,205,456 |
58,030 |
802,241 |
|
|
|
|
|
|
| Increase/(Decrease) in cash and cash equivalents in the period |
|
432,848 |
56,000 |
137,493 |
|
|
|
|
|
|
| Cash and cash equivalents at the beginning of the year |
|
135,035 |
107 |
107 |
| Exchange rate differences on cash and cash equivalents |
|
(1,235) |
(8,668) |
(2,565) |
|
|
|
|
|
|
| Cash and cash equivalents at the end of the period |
|
566,648 |
47,439 |
135,035 |
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for Truspine Technologies Plc ("the Company") and its subsidiary undertakings. The principal activity of TruSpine Technologies Plc (the 'Company') and its subsidiaries (together the 'Group') is the development of products for the spinal fusion market. The Company is a public limited company and was listed on the Aquis Stock Exchange on 20 August 2020. The Company is incorporated and domiciled in England and the address of its registered office is located at Spectrum House AF33, Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 30 March 2020 to 30 September 2020. The results for the year ended 29 March 2020 have been extracted from the statutory financial statements for the Company for the year ended 29 March 2020. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 29 March 2020, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.
The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the group's annual financial statements for the year ended 29 March 2020.
The interim consolidated financial information incorporates the financial statements of Truspine Technologies Plc and its subsidiaries.
The interim financial information for the six months ended 30 September 2020 was approved by the directors on 30 December 2020.
3. TAXATION
Tax recognised in profit or loss
|
|
|
6 month period ended 30 September 2020 (Unaudited) |
6 month period ended 30 September 2019 (Unaudited) |
Year ended 29 March 2020 (Audited) |
|
|
|
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
| Current tax credit |
|
24,826 |
162,191 |
162,191 |
| Deferred tax |
|
- |
- |
- |
| Net tax credit |
|
24,826 |
162,191 |
162,191 |
|
|
|
|
|
|
| Loss before tax |
|
(447,974) |
(122,182) |
(343,957) |
|
|
|
|
|
|
| Standard rate of UK corporation tax |
|
19% |
19% |
19% |
| Loss on ordinary activities before tax multiplied by standard rate UK corporation tax |
|
(85,115) |
(23,215) |
(65,352) |
| Tax adjustment |
|
- |
(237) |
(237) |
| Unrelieved tax losses carried forward |
|
85,115 |
23,452 |
65,589 |
| UK research and development tax credit |
|
24,826 |
162,191 |
162,191 |
| Tax credit |
|
24,826 |
162,191 |
162,191 |
At 30 September 2020, the Group are carrying forward estimated tax losses of £1.83m in respect of various activities over the years. The Company did not recognise a deferred income tax credit due to uncertainty concerning the timescale of its recoverability.
4. PROFIT/(LOSS) PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.
|
|
|
6 month period ended 30 September 2020 (Unaudited) |
6 month period ended 30 September 2019 (Audited) |
Year Ended 29 March 2020 (Audited) |
|
|
|
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
|
| (Loss)/Profit attributable to equity holders of the Company |
|
(423,148) |
40,009 |
(181,766) |
| Weighted average number of ordinary shares in issue |
|
84,581,810 |
75,871,582 |
76,773,336 |
| Earnings per share basic and diluted (pence) |
|
(0.50)p |
0.05 |
(0.24) |
5. SHARE CAPITAL
|
|
|
Group and Company |
|
||||
| Group |
Number of shares |
Share capital |
Share premium |
Other reserves |
Total |
||
|
|
|
£ |
£ |
£ |
£ |
||
| Issued and fully paid |
|
|
|
|
|
||
| As at 29 March 2019 |
75,800,749 |
7,580 |
2,920,599 |
(200,000) |
2,728,179 |
||
| Movement during the period |
266,667 |
27 |
58,003 |
- |
58,030 |
||
| As at 30 September 2019 |
76,067,416 |
7,607 |
2,978,602 |
(200,000) |
2,786,209 |
||
| Movement during the period |
7,777,778 |
778 |
748,433 |
(5,000) |
744,211 |
||
| As at 29 March 2020 |
83,845,194 |
8,385 |
3,727,035 |
(205,000) |
3,530,420 |
||
| Movement during the period |
3,933,773 |
393 |
(1,094,937) |
- |
(1,094,544) |
||
| As at 30 September 2020 |
87,778,967 |
8,778 |
2,632,098 |
(205,000) |
2,435,876 |
||
Share Capital - Amount subscribed for share capital at nominal value.
Share Premium - Amount subscribed for share capital in excess of nominal value.
On 7 May 2020, a resolution was passed approving a reduction of capital whereby the share premium account of the Company was cancelled by an amount of £2,250,000.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.